We’ve covered some of the best high interest savings accounts in the past, and I’d like to add a few more savings products to the list. While I associate American Express with top of the line credit cards, they actually also have a banking arm through which they’ve been offering a couple of high yield savings account options.
So if you’re looking for a place to stash your cash, and would like to work with a familiar name in the financial space, then I’d like to point out the following Savings Accounts from American Express Bank, FSB.
Personal Savings From American Express
American Express Bank has two types of accounts for your savings. Here are some details:
#1 Online Savings Account
The High Yield Savings Account from American Express is an online savings account that currently yields a 1.30% APY, with interest compounded daily. This account does not require a minimum balance and does not incur any fees. You’ll also get 24/7 access to your account via phone or the web. And of course, your accounts are fully FDIC insured. You’ll be able to access your money through the standard methods of electronic transfer and check writing.
#2 Certificates of Deposit
The American Express Bank also offers a variety of certificates of deposit of varying terms. Just like their savings account counterpart, these accounts are FDIC insured, are accessible 24/7 and don’t charge a monthly fee. Their terms range from 3 months to 5 years (60 months); the corresponding interest rate you can earn ranges from 1.00% APY for the 3 month CD to 2.95% APY for the 5 year CD. A one year CD yields 1.50% APY at this time.
These look like great options for your cash funds. For more information on these offerings, you can always check out the official site for Personal Savings from American Express. You can read more about these products through the site’s FAQs, as well as open an account in no time.
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I have seen several good reviews of American Express and their savings/CD accounts. I do have a American Express card and have been very pleased with their customer service in that area. American Express has always been known for very good customer service.
I currenly bank at ING and have for awhile. My savings account there pays 1.1%. At present it is hard to consider moving for 2 tenths of 1 percent, when both pay under 1.5%!
It’s interesting to see a lot of new online savings accounts popping up recently. Just a few days ago, I wrote about Sallie Mae coming up with their own line of savings vehicles. But interest rates these days are hovering at roughly the same levels, regardless of where you look, so if you’re going to open an account, it’s usually with institutions you trust, that have a good reputation and whom you are familiar with.
I’ve always loved AmEx for their rewards card…I get a decent amount of money back each year, but I never really considered their savings plans. I’ll have to check that out soon.
Interesting that credit card companies are getting into the savings business. You can probably count on every big financial institution to start looking into other areas of expansion, if they haven’t gotten in there already. As far as American Express? They’ve got pretty good products in general, and I would expect that quality to extend to their savings funds.
Online Savings accounts without a minimum balance is an attractive deal. I’m glad that American Express promotes saving online. This is a good opportunity for online savvy savers to save their money with confidence.
I think American Express is a really good address for a saving account as they exist since many years, they are successful, and they have costumers all over the world. I would always prefer a prestigious bank for my investment.
I just signed up for Amex high yield savings acct and I must tell you it was a very simple and easy, no hassle process. I know I am going to love this! Hopefully they will come out with a debit card that will attach to their savings.